US to seize and sell Russian oligarchs' property

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The White House wants to give the government more power to seize and sell assets of Russian billionaires.

The proposal will be presented to Congress.

The measures would make it easier for the US to seize and sell assets of Russian billionaires.

The US House of Representatives recently passed similar legislation.

Western allies, including European Union member states, have been working together to track down the assets of Russian elites.

The EU has collectively frozen over $30 billion, according to the White House.

The new plans by the administration call for streamlined inter-agency collaboration between the Treasury Department, Justice Department, State Department and Commerce Department.

President Biden is going to give a speech on Thursday in the US.

The White House said in a statement that the package will allow the government to use the proceeds to support Ukraine and further strengthen law enforcement tools.

There is a request for Congress to approve more military, economic and humanitarian assistance for Ukraine.

President Biden gave the go-ahead for a second $800m military aid package and $500m in direct economic assistance last week.

The US has been helping Ukraine since the war began. That also includes:

On Tuesday, US Secretary of Defence Lloyd Austin convened nearly 40 nations in Germany and announced that several were stepping up their support for Ukraine in order to move at the speed of war.

Ukraine needs our help to win. When the war is over, they will still need our help, he said.

Canada has proposed legislation that would allow it to seize and sell off Russian assets.

Money, digital assets and virtual currency are being pushed for to be subject to seizure by the ruling Liberals under pressure to expand its sanctions actions.